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Find the entry to record the warranty liability

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Question 1: Sylvan Company had sales of $1,500,000. Estimated warranty costs are 1% of sales. Work performed under warranties during the period actually cost $8,750. The entry to record the warranty liability includes:

Option 1: a debit to Warranty Expense for $23,750.

Option 2: a debit to Warranty Expense for $15,000.

Option 3: a debit to Warranty Expense for $8,750.

Option 4: a debit to Warranty Expense for $6,250.

Option 5: none of these

Reference no: EM132534678

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